Nvidia revenue shows sequential growth

SAN FRANCISCOGraphics chip specialist Nvidia Corp. reported that revenue for the quarter ended April 26 was $664.2 million, an increase of 38 percent from the previous quarter but down 42 percent compared with the same period a year earlier.

Nvidia (Santa Clara, Calif.) posted a net loss for the quarterthe first quarter of the company's fiscal 2010 of $201.3 million, in accordance with generally accepted accounting principles (GAAP), compared to a net income of $176.8 million in the year-ago quarter.

On a non-GAAP basis, excluding charges, Nvidia posted a net loss of $46.7 million, compared to a non-GAAP net income of $211.8 million in the year-ago quarter, the company said.

During the quarter, inventory decreased from 144 to 64 days sequentially, Nvidia said. The company also recorded a non-recurring charge of $140.2 million in connection with a cash tender offer to purchase employee stock options, it said.

"We made good progress managing expenses and significantly reducing inventory, while continuing to invest in our growth strategies," said Jen-Hsun Huang, president and CEO of Nvidia, in a statement.